For clients and professionals navigating the complexities of inherited retirement assets, understanding the updated IRS regulations is critical. The SECURE Act of 2019 and the subsequent SECURE 2.0 Act have reshaped the landscape for non-spouse beneficiaries, with significant new requirements taking effect in 2025. This summary provides a comprehensive, CPA-accurate overview of what has changed and what it means for … Read More
The One Big Beautiful Bill Act
Your Roadmap to Significant Business Tax Savings The recently enacted tax law, known as The One Big Beautiful Bill Act, has ushered in a new era of business tax opportunities. For owners and managers of businesses—from tech startups in the Bay Area to manufacturing firms in upstate New York—this legislation offers powerful incentives to invest, grow, and improve cash flow … Read More
Ways to tell if the IRS is reaching out or if it’s a scammer
Identity thieves can prey on anyone, at any time. Here are some helpful tips for taxpayers to know when it’s really the IRS or not. Email, text and social media The IRS doesn’t make initial contact through email or social media channels. Some common electronic scams thieves use are: These messages will often direct taxpayers to click fraudulent links they … Read More
Guidance for Tax Year 2025
H.R. 1 – The One Big Beautiful Bill Act: The Internal Revenue Service has announced that, as part of its phased implementation of H.R. 1, there will be no immediate changes to certain information returns or withholding tables for Tax Year 2025. This decision is aimed at providing a smooth tax filing season and allowing the IRS, businesses, and payroll … Read More
Business Entity – Beyond the Basics:
Choosing the right Business Entity LLC, S-Corp, and C-Corp Welcome back to our series on choosing the right business structure. In Part 1, we explored the simplicity of the business entity of a Sole Proprietorships and Partnerships. While these can be great starting points, many businesses in California and New York eventually need a more robust structure that offers liability … Read More
Decoding Business Structures:
A CPA’s Guide for Entrepreneurs Starting a new business is an exhilarating journey, but the path to success is paved with critical decisions. One of the first and most fundamental choices you’ll make is selecting the right legal structure for your company. This decision has a lasting impact on everything from your personal liability to your tax bill. As a … Read More
Maximizing Your Retirement Income:
Uncovering Overlooked Tax Breaks for Retirees and Individuals Over 65 A TYS Accounting Guide Welcome to retirement—a time for you to reap the rewards of a lifetime of hard work. At TYS, we understand that transitioning to a fixed income requires careful financial planning, and a significant, yet often underestimated, part of that plan is strategic tax management. Many retirees … Read More
Navigating New Terrain: IRS Ruling 2023-2 and Your Estate Plan
New York to California – For years, families have turned to irrevocable trusts as a cornerstone of their estate planning, aiming to protect assets and ensure a smooth transfer to beneficiaries. A key concern in this process has always been the tax implications, particularly regarding capital gains. Historically, the “step-up in basis” has been a valuable benefit, potentially eliminating capital … Read More
Clarifying the changes to the 2018 child tax credit – accountant near me
Titanic shifts in the United States tax code continue to rock American taxpayers. Under the Tax Cuts & Jobs Act of 2017 (TCJA) if you are a divorced parent, separated spouses or an unmarried parent, you may now be unable to fight over their children’s 2018 dependency exemptions in 2018 because lawmakers have eliminated the exemption.In 2017, the U.S. Congress … Read More
Clarifying the changes to the 2018 taxes child tax credit
Titanic shifts in the United States tax code continue to rock American taxpayers. Under the Tax Cuts & Jobs Act of 2017 (TCJA) if you are a divorced parent, separated spouses or an unmarried parent, you may now be unable to fight over their children’s 2018 dependency exemptions in 2018 because lawmakers have eliminated the exemption.In 2017, the U.S. Congress … Read More
Clarifying the changes to the 2018 tax deduction for child
Titanic shifts in the United States tax code continue to rock American taxpayers. Under the Tax Cuts & Jobs Act of 2017 (TCJA) if you are a divorced parent, separated spouses or an unmarried parent, you may now be unable to fight over their children’s 2018 dependency exemptions in 2018 because lawmakers have eliminated the exemption.In 2017, the U.S. Congress … Read More
Clarifying the changes to the 2018 tax credit for child
Titanic shifts in the United States tax code continue to rock American taxpayers. Under the Tax Cuts & Jobs Act of 2017 (TCJA) if you are a divorced parent, separated spouses or an unmarried parent, you may now be unable to fight over their children’s 2018 dependency exemptions in 2018 because lawmakers have eliminated the exemption.In 2017, the U.S. Congress … Read More